Saturday, June 7, 2014

SPENT-- Fantastic Documentary about the 'unbanked'

I just finished watching Spent: and looking for change (documentary)

It is a powerful film about the millions of people in the US who don't have access to the traditional banking system and how the reliance on payday loans, title loans, and cheque cashing stores keeps them from getting ahead.

The film is filled with examples of the exact opportunities for local investing that I discuss in my book.

One entrepreneur, who makes handbags, is not able to get any financing to buy materials. Her purses are starting to sell very well but it takes too long to get paid. At minute 19, the narrator says, "it can take her up to 3 months before she gets paid." This is an excellent example of how small business receivables factoring could be employed to help her fund her growth. (read my book to learn about how to do this with an entrepreneur near you)

I also want to suggest kudos to American Express who funded the production of the film without turning it into a commercial for BlueBird, Amex's product specifically designed to help people in this struggle.